Nagacorp 9-mo. GGR rises 20 percent, mass leads

Wednesday 2nd of October 2019

Nagacorp, the operator of the NagaWorld resort in Phnom Penh, reported that gross gaming revenue in the first nine months of the year rose 20 percent, with the mass market slightly outperforming the VIP sector.

Total GGR was $1.28 billion, while mass market buy-ins rose 38 percent to $1.22 billion. VIP rollings increased 35 percent to $33.8 billion. Electronic gaming machines bills-in rose 28 percent to $2.05 billion.

The company said the mass market, which was its key focus, continued to benefit from visitation in Cambodia, and continued to underpin the visitor headcount growth at the combined NagaWorld complex.

Cambodia’s international visitor arrivals increased by 11 percent to 3.8 million visitors in the first seven months of 2019, whereby the number of Chinese visitors grew by 37 percent to over 1.5 million visitors in the same period.

In its trading update, the company provided an outline of progress in the development of Nagaworld. Shareholders in August approved the plans and budget for the third stage of development at the resort. It has now appointed Chicago-based Skidmore, Owings & Merrill in addition to the current Las Vegas-based architect Steelman Partners to work on the design of Naga 3.

The Cambodian government has also approved in principle plans for a garden in front of the property, which will allow the company to build a three-storey car park underneath. The garden will link Naga 3, with Naga 1 and 2.